Alumis (NASDAQ:ALMS) Shares Gap Up – Time to Buy?

Alumis Inc. (NASDAQ:ALMS)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $11.19, but opened at $11.63. Alumis shares last traded at $11.23, with a volume of 9,568 shares.

Analyst Ratings Changes

A number of research firms have recently commented on ALMS. Guggenheim assumed coverage on shares of Alumis in a research note on Tuesday, July 23rd. They set a “buy” rating and a $32.00 target price for the company. Cantor Fitzgerald restated an “overweight” rating on shares of Alumis in a research report on Monday, August 19th. Morgan Stanley started coverage on Alumis in a research report on Tuesday, July 23rd. They set an “overweight” rating and a $36.00 price target for the company. Leerink Partnrs upgraded Alumis to a “strong-buy” rating in a report on Tuesday, July 23rd. Finally, Leerink Partners assumed coverage on shares of Alumis in a report on Tuesday, July 23rd. They set an “outperform” rating and a $29.00 target price for the company. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $28.00.

Alumis Stock Performance

The company’s 50 day moving average is $11.64.

Alumis (NASDAQ:ALMS) last posted its earnings results on Tuesday, August 13th. The company reported ($23.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.57) by ($21.53). Analysts anticipate that Alumis Inc. will post -6.86 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Towerview LLC purchased a new stake in shares of Alumis in the 2nd quarter valued at approximately $4,123,000. SR One Capital Management LP purchased a new position in shares of Alumis during the 2nd quarter worth approximately $26,067,000. Ally Bridge Group NY LLC acquired a new stake in Alumis in the 2nd quarter valued at approximately $8,229,000. Yu Fan purchased a new stake in Alumis in the second quarter valued at approximately $10,502,000. Finally, Millennium Management LLC acquired a new position in Alumis during the second quarter worth $3,376,000.

About Alumis

Our mission is to significantly improve the lives of patients by replacing broad immunosuppression with targeted therapies. Our name, Alumis, captures our mission to enlighten immunology, and is inspired by the words “allumer”-French for illuminate-and “immunis”-Latin for the immune system. We are a clinical stage biopharmaceutical company with an initial focus on developing our two Tyrosine Kinase 2 (TYK2) inhibitors: ESK-001, a second-generation inhibitor that we are developing to maximize target inhibition and optimize tolerability, and A-005, a central nervous system (CNS) penetrant molecule.